Got smoked premarket trading the YM. Not only did I have a short position on before the huge move up I added one just seconds before the news hit. I had read over on the WSJ about potential extra liqidity from the Fed( just scanning the headlines) but did not think it would come so soon. I was just before getting out of my original position but the setup looked good and decided to add looking for about $175 in profits which would have been a good start to the day. Instead I got hit for -750 and stopped trading when my third trade lost me money. My intent was to fade the move overnight into the open but after the big loss I could not get myself to stick whith fading the news. If it had not been for the big loss premarket I think it would have been a great day. After the loss I once again reverted back to trying to sell just before breakdowns at lower prices and that hurt me today. I Should have paid more attention to the news since anything Fed related causes the market to swing big.
How the trade looked before the news.
How it looked after the news!!!!
Second and Third trades today.
Comments
That premarket move was BS. I’m glad I wasn’t awake when it happened. Sorry about the lose. Today’s action was tough to trade, as they normally are being the day after FOMC announcement.
Sorry to hear about the loss. Its probably best to not enter a new position premarket, only manage your old positions.
Ouch, sorry man. The good news is that the average day trader loses $20-25k a year, so you are actually still outperforming.
Dude, sorry about the rough day. I’m amazed that you were able to take any more trades afterwards - impressive. Did you have stop orders in or were you exiting “manually?”
Your two RTH trades looked good though even if they weren’t both winners. I think I entered about the same time you did on your first trade, but I couldn’t hold on to it - too scared.
Good luck tomorrow.
AT
Whenever I am in a move I enter then have my stoploss set right away manually or automatically.. then I click on the trade out button and confirmation box pops up with a yes or no. If the trade ever gets out of hand and I see signs of the trade turning against me before the stoploss is hit I click on trade out right away.. take all my position out and I usualy get 1 tick of slippage which is better then manually tryin to find a good exit entry. Don’t worry, you have the skills to recover it.
Sorry you got jammed on that news. I was short coing into today ymz7 also. I saw that spike but i noticed on my depth of market on CQG that there was hardly any trades up there. The market was thin and it just blew through stops. That told me it wasn’t real buying just short stop running. An hour latter after things cooled down I added to my shorts.Don’t know what datafeed you use, I use CQG, if you can afford the $1,000 a month it does pay for itself in the long run. Good luck to ya!
Thanks for the comments guys.I have only traded premarket a handful of times but will not let this loss scare me. Things like this just happen. AT I did have a stop in on my fist contract. Got filled 35 points away from the actual stop price. I think I lost about 110 points on the second contract. Puts some of my other 15 and 20 point losses in perspective!
